WASHINGTON (AP) — President Donald Trump will sign the renegotiated North American Free Trade Agreement on Wednesday. It’s a major rewrite of the rules of trade with Canada and Mexico.
Trump made the agreement a priority during his 2016 campaign, although trade experts say the impact of the new U.S.-Mexico-Canada Agreement will be modest.
Canada and Mexico already represent the top two export markets for U.S. goods. But the pact, along with the signing of a “phase one” agreement with China, dials down trade tensions that contributed to slowing economic growth globally.
The leaders of the three nations signed the new pact in late 2018. Legislation implementing the USMCA received overwhelming, bipartisan support in Congress after several months of behind-the-scenes negotiations between Democratic lawmakers and the Trump administration.